战略性新兴企业创新效率的实证研究
投稿时间:2018-10-25  修订日期:2018-10-25  点此下载全文
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作者单位邮编
张建英 中国社会科学院研究生院 102488
曹虹剑 湖南师范大学商学院 410081
张慧 湖南师范大学旅游学院 
基金项目:国家社科基金一般项目
中文摘要:本文基于随机前沿方法评价了战略性新兴企业的创新效率,并从公司内部治理和外部环境的创新激励视角对战略性新兴企业的创新驱动因素进行路径分析与识别。根据对2011至2016年389家上市公司的研究发现:战略性新兴企业的创新效率差异较大,且具有随时间递减的技术进步效应。政府补贴、市场竞争、产权比率、董事薪酬、董事独立性表现出创新驱动效应;高管持股表现出创新抑制效应;而且产权公有对高管持股的创新驱动具有同向强化作用,对股票流通性的创新驱动具有反向强化作用。
中文关键词:创新效率  战略性新兴企业  政府补贴  公司治理  市场竞争
 
Empirical Research on the Innovation Efficiency of Strategic Emerging Enterprises
Abstract:This paper evaluates the innovation efficiency of strategic emerging enterprises based on the stochastic frontier analysis. Then makes path analysis to identify the innovative driving factors of strategic emerging enterprises from the perspective of innovation incentives of internal corporate governance and external environment. According to the research of 389 listed strategic emerging enterprises from 2011 to 2016, it is found that the enterprise innovation efficiency is quite different, and has the technological progress effect, which is decreasing with time. Specifically, government subsidies, market competition, equity ratio, salary of directors, and proportion of independent directors show innovation driven effect; stock hold of senior manager shows innovation inhibitory effect; additionally, the public property strengthens the innovation driven effect of stock hold of senior manager in the same direction and the incentive effect of stock circulation in the opposite direction.
keywords:innovation efficiency  strategic emerging enterprises  government subsidies  corporate governance  market competition
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